insurable interest

noun

1. law a financial or other interest in the life or property covered by an insurance contract, without which the contract cannot be enforced

Example Sentences

Cardiff City claim says Miller Insurance failed to properly explain the concept of an "insurable interest" for football player transfers and the requirement of a "prompt" notification of the transfer in order to secure coverage.

From BBC

Staebler: As a homeowner, you do not have an insurable interest in the contractor’s business so you cannot get insurance coverage for their business.

From Washington Post

Insurers require that anyone buying the policy have an “insurable interest” in the person covered, meaning the buyer wants the person covered to actually live.

From Washington Times

"The monuments are legally not ours, so we do not have an insurable interest," Mr. Moylan said.

From New York Times

If my partner and I split up, we'd lose our "insurable interest" in each other and I certainly wouldn't see a windfall if he died seven years later.

From The Guardian